Worsening balance sheet drops CHW debt rating

Published 4:00 am, Wednesday, June 30, 1999

Standard and Poor's said the downgrade was based on CHW's worse-than-expected financial performance in fiscal 1999, resulting in a projected net loss of $82 million, versus $73 million net income in 1998.

S&P also cited an escalation of operating costs at the same time government payments were being reduced.

With 8,643 beds in 46 acute-care facilities, CHW is the second largest hospital operator in California.

Catholic Healthcare West still carries a rating of AAA on a separate $1.6 billion in debt.&lt;

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